Rue21 Reports Lower Q1 Profit; Cuts Guidance
Retailer Rue21 (NASDAQ: RUE) released its fiscal first-quarter earnings results on Wednesday after the closing bell.
The company reported earnings and revenue that were below analysts' consensus estimates and also cut its fiscal 2013 earnings outlook. In late trade, the stock was last up slightly to $42.12.
For the first-quarter, Rue21 reported net income of $10.8 million or $0.44 per share, versus $11.6 million or $0.46 per share in last year's corresponding quarter. This compared to Wall Street consensus EPS estimates of $0.46.
Total sales in the quarter were up 9 percent to $224.38 million from $205.62 million a year ago. This also came in below consensus expectations of $229.83 million.
Looking ahead to Q2, Rue21 guided for EPS between $0.51 and $0.53. This compares to current consensus estimates of $0.40 per share for the fiscal second-quarter.
For the full-year, the retailer lowered its outlook. Rue21 now sees EPS in a range between $1.98 and $2.03 versus its previous guidance of $2.00 to $2.05 per share. Currently, analysts have consensus EPS estimates of $2.02 for the full-year.
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